Observer Money

CHAMWE KAIRA The government has reallocated money for railway projects in the 2024 budget to other projects, the Mid-Year Budget Review. Minister of Finance and Public Enterprises said considering the low execution rates on capital projects, a total of N$2.1 billion has been identified for reallocation. Shiimi said the projects affected by budget reallocations are primarily in the railway sector. Nevertheless, the minister said given the importance of the rail sector to unlock economic activities, the government will ensure that sufficient funding is availed to the upgrading and development of the railway network, going forward. Furthermore, Shiimi said the finance…

CHAMWE KAIRA Africa Finance Corporation (AFC) has said in its, ‘State of Africa’s Infrastructure 2024’ that subsea cables have a direct impact on connectivity, enable faster internet speeds, and reduce internet prices. The report said Equinao, the latest cable that landed in Africa in 2023 is expected to increase internet speeds five-fold in Nigeria by 2025 and three-fold in South Africa and Namibia. By the same year, internet prices should drop in each country between 16 and 21%, resulting in an increase of internet penetration by 7% in Nigeria and South Africa and by 9% in Namibia. The report said…

CHAMWE KAIRA Namibia is one of the sub-Saharan countries that have seen their youth shares of populations peak and will face less severe job creation pressures, the International Monetary Fund (IMF) revealed in the regional economic outlook. The IMF said many middle-income countries like Botswana, Ghana, Namibia, and Mauritius have seen their youth shares of populations peak and will face less severe job creation pressures. The IMF has projected the Namibian government to grow by 4.2% in 2025, compared to 4.2% this year and 31% in 2023. The unemployment rate in Namibia decreased to 19.60 percent in 2023 from 20…

CHAMWE KAIRA Agra has said it remains acutely aware of the challenges posed by the ongoing severe drought and its impact on the agricultural sector. The company said it is committed to navigating these obstacles by implementing strategic measures that enhance its support for producers and strengthen its operational resilience. “Our focus will be on maintaining our commitment to delivering exceptional value to our stakeholders. By prioritising robust risk management practices and fostering collaboration within our communities, we aim to reinforce our market position and ensure that Agra continues to be a trusted partner in advancing Namibian agriculture,” the company…

CHAMWE KAIRA Famous Brands said SADC revenue increased by 3.8% to N$218 million (2023: N$210 million), with operations in Angola, Botswana, Eswatini, Lesotho, Namibia, Malawi, Mozambique, Zambia, and Zimbabwe. “Our biggest markets, Botswana and Zambia, experienced increases in system-wide sales of 4.5% and 31%, respectively, along with like-for-like sales growth of 7.2% for Botswana,” the company said. Famous Brands has said revenue decreased slightly by 1.3% to N$563 million (2023: N$570 million), the company said in financial results for the six months ended 31 August. Operating profit improved by 5.6% to N$232 million (2023: N$220 million), and operating profit margin…

CHAMWE KAIRA Paladin Energy says the return of the Langer Heinrich Mine (LHM) to production was a major milestone on Paladin’s pathway to becoming a globally significant independent uranium producer. The LHM Restart Project achieved an outstanding performance in safety, with over 2.5 million hours worked with no serious injuries or reportable environmental incidents. The ongoing operations of the LHM are in the hands of a full-time local workforce of over 460 people, with a combination of employees and locally sourced mining contractors. According to Paladin, mining operations should resume in 2026, ahead of a nameplate production goal of six…

Niël Terblanché Namibia is not only on track to reduce its carbon footprint but also set to become a leading exporter of green energy, paving the way for sustainable economic growth and environmental resilience. During a media briefing held at the Namibia Green Hydrogen Programme (NGH2P) office in Windhoek, on Wednesday, Green Hydrogen Commissioner James Mnyupe and Theopolina Kapani, Head of Technical and Construction at NGH2P, detailed the country’s ambitious steps towards a sustainable energy future. The two discussed outcomes from a series of international engagements and feasibility studies that aim to position Namibia as a major player in green…

Allexer Namundjembo The finance and public enterprises minister, Iipumbu Shiimi, has provided much-needed relief to businesses and individuals struggling to recover from recent economic challenges by announcing a two-year extension to the national tax amnesty programme. Shiimi made this announcement yesterday while presenting the mid-year budget in parliament. The minister recognised that many businesses were affected by the COVID-19 pandemic, with some businesses shut down, impacting their ability to pay their tax. “I thus postpone the deadline for two more years, and we will not extend the deadline further,” he said. Shiimi also highlighted the government’s commitment to tax policy…